GBPUSD Forecast:

The GBPUSD still able to move above the trendline support after the  false breakdown. This fact could continue further upside correction testing the upper line of the bearish channel but as long as price move inside the bearish channel the main trend should remain bearish. Immediate resistance at 1.5050. Break above that area could trigger further upside correction testing 1.5150 area. Initial support at 1.4900 area. Break below that area could potentially end the bullish correction testing 1.4873 and 1.4779 region.

©2010 FX Instructor Forex Blog - For Traders, By Traders. All Rights Reserved.

.